Termination of Lenders’ Obligations. The occurrence and continuance of a Default or an Event of Default shall relieve the Lenders of all obligations to provide any further Drawdowns, Rollovers or Conversions to the Borrower hereunder; provided that the foregoing shall not prevent the Lenders or the Agent from disbursing money or effecting any Conversion which, by the terms hereof, they are entitled to effect, or any Conversion or Rollover requested by the Borrower and acceptable to all of the Lenders and the Agent.
Termination of Lenders’ Obligations. The occurrence of an Event of Default that has not been waived by the Lenders will relieve the Lenders of all obligations to provide any further Advances hereunder whether by Rollover, Conversion or otherwise, by way of Bankers’ Acceptances (and BA Equivalent Notes), LIBOR Advances or Letters of Credit; provided that the foregoing will not prevent the Lenders from disbursing money hereunder in reduction of then outstanding Bankers’ Acceptances and Letters of Credit. For greater certainty any such Advances will be at the sole discretion of the Lenders. The Agent may reallocate all Advances pro rata among the Lenders in such manner as the Agent determines is equitable.
Termination of Lenders’ Obligations. Notwithstanding anything contained in the Finance Documents, the obligations of the Lenders to make or maintain the Loan shall terminate in the event that any of the following events take place:
4.3.1 the Sinosure Policy is cancelled, terminated, rescinded, repudiated, suspended or otherwise ceases to remain in full force or does not constitute legal, valid, binding and enforceable obligations of any party thereto; or
4.3.2 if it becomes unlawful or impossible for Sinosure to discharge any liability under the Sinosure Policy or to comply with any obligation which are material under the Sinosure Policy; or
Termination of Lenders’ Obligations. The occurrence of an Event of Default that has not been waived by the Lenders will relieve the Lenders of all obligations to provide any further Advances hereunder.
Termination of Lenders’ Obligations. The Lender may terminate its obligations under this Agreement by notice in writing to the Borrower at any time if:
(a) an adverse material change in the affairs of the Borrower occurs or is announced by the Borrower;
(b) there should develop, occur, or come into effect any catastrophe of national or international consequence or accident, governmental law, or regulation or other occurrence of any nature which, in the opinion of the Lender, seriously affects or will seriously affect the financial
(c) markets or the business of the Borrower or the ability of the Lender to perform its obligations under this Agreement;
(d) the securities of the Borrower cannot, in the opinion of the Lender, be profitably sold due to the state of financial markets;
(e) any order to cease or suspend trading in the securities of the Borrower, or an order to cease or suspend trading by a director, officer or promoter of the Borrower, or any one of them, is issued by any competent regulatory authority;
(f) the Borrower is in breach of any material term of this Agreement;
(g) the Lender determines that any of the material representations or warranties made by the Borrower in this Agreement are false or have become false; or
(h) an inquiry or investigation in relation to the Borrower, or the Borrower's directors, officers or promoters, is commenced or threatened by an officer or official of any competent authority.
Termination of Lenders’ Obligations. The occurrence of an Event of Default terminates any right of the Borrower to obtain any further credit from the Lender pursuant to this Agreement and relieves the Lender of any obligation to provide any further credit under this Agreement.
Termination of Lenders’ Obligations. Each Lender’s obligation to grant a Facility to a Borrower shall terminate in whole or in part, depending on the following circumstances:
Termination of Lenders’ Obligations. The occurrence of an Event of Default (other than an Event of Default which has been waived by the Lenders in accordance with the provisions of this Agreement) shall relieve the Lenders of all obligations to provide any further Advances under this Agreement, provided that this shall not prevent the Lenders from disbursing money in accordance with this Agreement in reduction of then outstanding Bankers’ Acceptances or for the purposes of cash collateralizing Letters of Credit. In addition, Lenders may, in their sole discretion, but subject to Section 11.3, terminate or demand payment of, or cancel or restrict the availability of any unutilized portion of, the Demand Facilities or any outstanding Obligations thereunder at any time, from time to time.
Termination of Lenders’ Obligations. 5.6.1 Notwithstanding anything contained in the Finance Documents, the obligations of the Lenders to make the Loan available shall terminate in the event that any of the following events take place:
(a) the Sinosure Policy is cancelled, terminated, rescinded, repudiated or suspended or becomes invalid, illegal or invalid or otherwise ceases to remain in full force or does not constitute legal, valid, binding and enforceable obligations of any party thereto; or
(b) if it becomes unlawful or impossible for Sinosure to discharge any liability under the Sinosure Policy or to comply with any obligation which are material under the Sinosure Policy; or
(c) any consent necessary to enable Sinosure to:
(i) issue and maintain the Sinosure Policy;
(ii) discharge any liability under the Sinosure Policy; or
(iii) comply with any provision of the Sinosure Policy which any of the Lenders considers material, is not granted, expires without being renewed or is revoked or any condition thereof is not satisfied; or
(d) the Agent, the Sinosure Agent or any Lender has received notice in writing of Sinosure's intention to repudiate, terminate or suspend the application of the Sinosure Policy.
5.6.2 If any of the events described in Clause 5.6.1 takes place, the Agent on behalf of the Lenders shall facilitate negotiation with the Borrower in good faith for a maximum period of 30 days with a view to reaching a potential restructuring of the Loan or to arranging a new financing facility for the Vessel to mitigate the loss of the Sinosure Policy on such terms and conditions as are acceptable to the Lenders, provided always that no Lender shall be committed to agree to any such potential restructuring of the Loan or such new financing facility notwithstanding other Lenders may have agreed to do so.
Termination of Lenders’ Obligations. Upon the occurrence of an Event of Default or the making of the Demand, the Lender shall be relieved of all obligations to provide any further Loans hereunder.
